By M&M Reporter
Barclays Bank of Kenya Ltd has today reported a profit after tax of Sh5.4 billion for the period ended 30 September 2018, and operating profit of Sh10.5 billion a growth of 5% compared to a similar period last year.
The performance is mainly attributable to a 6% growth in total income, but was partially offset by growth of 6% and 21% in costs and impairment, respectively.
Customer deposits grew by 10% to Sh220 billion with transactional accounts constituting 66% of the total deposits. The Consumer Banking and Business Banking segments recorded double-digit growth year on year.
Net customer loans was up 7% to close at Sh178 billion driven products across board that recorded a strong growth year on year performance. The Bank’s deployment of excess funding was underpinned by investment in government securities and dealing securities book which increased to Sh103billion.
As a result of successful investments and execution of our growth strategy, total income increased by 6% to Sh23.9 billion, with non-funded income up 14% year on year.
The Bank costs were well managed at Sh13.3 billion reflecting 6% increase year on year below inflation.
In order to reposition the bank for the future, and in line with its new strategy, the bank invested significantly towards simplifying its structures, the brand transition project and new non-branch service channels, driven by changing customer behaviour.
Adjusted for these investments, total costs dropped by 4% in the review period, outperforming inflation.